Redefining Luxury Living: Related Group and GTIS Partners Secure $328 Million for Baccarat Residences Miami in Brickell
In a significant development for Miami's real estate landscape, the Related Group and GTIS Partners have announced the securing of a $328 million construction loan. This financial backing is set to fuel the ambitious development of Baccarat Residences Miami, an opulent condominium tower poised to grace the iconic Brickell.
The financing, extended by Bank OZK at a competitive floating-rate, marks a pivotal step forward for the project. Berkadia South Florida played a crucial role in orchestrating this substantial loan, with key figures like Managing Director Scott Wadler and Vice President Michael Basinski leading the charge alongside Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson.
Baccarat Residences Miami, a property that embarked on its journey in late 2021 and has since soared to over 95% sold, is currently in the throes of construction. Anticipated to reach completion by early 2028, this architectural marvel promises to redefine luxury living in Miami.
Commenting on this milestone, Jon Paul Perez, President of Related Group, expressed gratitude towards the project's partners and lenders, emphasizing their shared vision for a skyline-altering development. Perez's sentiments echo the sentiment of determination and optimism that drives this venture forward.
The infusion of this significant capital into the Brickell area underscores the neighborhood's thriving status. Despite broader economic challenges, Brickell continues to assert its dominance as a premier destination for businesses and residents alike.
Robert Vahradian, Partner and Head of US Investments for GTIS Partners, highlighted Brickell's allure, citing its resilience and ongoing evolution as key factors in attracting investment. With notable additions like Citadel and a flourishing retail and cultural scene, Brickell stands as a beacon of growth and potential.
Baccarat Residences Miami, the sister property to the acclaimed Baccarat Hotels & Residences NYC, promises a lifestyle of unparalleled luxury. Boasting 355 residences, including eight exclusive penthouses, the tower is a testament to exquisite design and craftsmanship.
Designed by the renowned firm Arquitectónica, Baccarat Residences Miami pays homage to the storied legacy of the French crystal company while introducing a contemporary architectural masterpiece to South Florida.
Spanning over 75,000 square feet, the tower's amenities epitomize five-star living, featuring state-of-the-art facilities, a luxurious spa, private marina access, and a curated art collection. Managed by SH Hotels & Resorts, these amenities promise an elevated living experience for residents.
As construction progresses and anticipation builds, Baccarat Residences Miami stands poised to redefine luxury living in Miami, embodying the essence of sophistication and exclusivity.
